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Chino council adopts midterm budget update; Measure V cited for reversing projected deficit
Summary
On Jan. 21 the City Council adopted a midterm update to the FY 2024–25 budget and set the appropriations limit, with staff saying Measure V sales-tax revenue turned an expected $7 million deficit into an approximately $150,000 surplus and added capital project funding.
The Chino City Council voted unanimously on Jan. 21 to adopt a midterm budget update for fiscal year 2024–25 and to adopt the city’s appropriations limit. City staff said new Measure V sales-tax revenue and adjustments to prior allocations changed the city’s projection from a roughly $7 million deficit when the two-year budget was adopted to an approximately $150,000 surplus in the updated forecast.
City Manager Linda Reich and financial consultant June Overholt presented the update. Reich told the council that after the 2023 audit flagged a going-concern issue the city asked voters to approve Measure V; the measure’s revenue has materially changed the outlook. "When we approved the [two-year] budget in June of ’23, we…
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